When a buyer defaults on a purchase and sale agreement in Maine, the seller's available civil remedies may include:
Correct Answer
B) Retain the earnest money deposit, sue for specific performance, or sue for actual damages
When a buyer defaults on a real estate contract in Maine, the seller has several civil remedies available. These include retaining the earnest money deposit as liquidated damages (if the contract so provides), suing for specific performance to compel the buyer to complete the purchase, or suing for actual monetary damages. These remedies are generally alternatives rather than remedies that can all be pursued simultaneously. Breach of contract is a civil matter, not a criminal one.
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Related Topics & Key Terms
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Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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